Fort Collins, Colorado, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The AI in Video Surveillance Market size was valued at USD 5.4 Billion in 2022 and is anticipated to reach USD 36.1 Billion by 2032 at a CAGR of 20.9%.
Artificial Intelligence-based analytics offers security professionals a more efficient way to manage large amounts of surveillance footage. By utilizing AI surveillance cameras, the software can process and analyze audio and images captured by video cameras to identify individuals, vehicles, objects, and events. The software can also establish restricted areas and send out alerts in case of a rule violation or intrusion during the day.
Governments worldwide use AI-powered surveillance cameras to detect potential security threats in real-time. This technology is a game-changer in crises as it provides instant analysis, which could be the difference in saving lives. Many countries use advanced AI surveillance to track and monitor people, which helps them achieve their policy goals. On account of the self-learning ability of AI is incredibly influential in developing thinking capability about objects of interest.
Deep learning is a branch of machine learning that has brought a revolution in the field of computer vision by enabling precise algorithms to process visual data. Video surveillance systems have started employing deep learning algorithms to quickly and accurately identify objects, events, and abnormalities in real-time scenarios. Deploying smart cities, incorporating modern technology to improve urban infrastructure, can leverage this technology for public safety and other relevant applications. AI-based video surveillance can monitor critical infrastructure, transportation systems, and public spaces and automatically detect and warn of suspicious activity, environmental control, or traffic problems.
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Segmentation Overview:
The global AI in video surveillance market has been segmented into offering, deployment, application, vertical, and region. The Al-based video surveillance market is mostly dominated by the hardware segment, which can be expensive. As cameras are increasingly used worldwide, hardware innovations have been introduced to provide better performance and in-built security. On the other hand, cloud-based Al in video surveillance is expected to grow at an accelerated rate due to its scalability, efficiency, and cost-effectiveness. It allows for the real-time detection of anomalies and centralized management and storage of video data, making it an attractive option for businesses of all sizes.
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AI in Video Surveillance Market Report Highlights:
- The global AI in video surveillance market growth is anticipated at a CAGR of 20.9% by 2032.
- AI-based analytics can help manage large amounts of surveillance footage efficiently. AI surveillance cameras can process audio and images from video cameras to identify individuals, objects, and events. Governments worldwide use AI-powered surveillance cameras to detect potential security threats in real-time. Deep learning algorithms can quickly and accurately identify objects, events, and abnormalities in real-time scenarios. AI-based video surveillance can monitor critical infrastructure, transportation systems, and public spaces and automatically detect and warn of suspicious activity, environmental control, or traffic problems.
- China is a major buyer of video surveillance devices and systems worldwide. The country plans to install video surveillance cameras with facial recognition technology in key public areas to improve security and maintain social stability. Video surveillance is in high demand for small businesses and homes, especially in China, due to its infrastructure projects. The government's focus on city surveillance and smart city initiatives accelerates the nationwide adoption of AI-based video surveillance systems.
- Some prominent players in the AI in video surveillance market report include Hangzhou Hikvision Digital Technology Co., Ltd., Dahua Technology Co., Ltd., Avigilon Corporation, Milestone Systems A/S, YITU Tech, SenseTime, and Agent Video Intelligence Ltd. among others.
Industry Trends and Insights:
- Hikvision has recently partnered with iThermAI, a Belgian AI company, to introduce cutting-edge fire and smoke detection technology to a larger audience. This mutually beneficial collaboration enhances asset protection and safeguards businesses against potential hazards.
- Motorola Solutions has acquired IPVideo, the company behind HALO Smart Sensor, an intelligent sensor that detects real-time health and safety threats. HALO Smart Sensor detects vaping, monitors air quality, detects gunshots, abnormal noise and motion, and emergency keywords. It extends the perimeter of security and situational awareness in areas where cameras are not feasible while protecting privacy.
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AI in Video Surveillance Market Segmentation:
By Offering: Hardware, Software, Service
By Deployment: On-premises, Cloud-based
By Application: Gun Detection, Industrial Temperature Monitoring, Anomaly Detection and Behavior Recognition, Facial Recognition/Person Search, Object Detection and Perimeter Protection, Intrusion Detection and Perimeter Protection, Smoke and Fire Detection, Others
By Vertical: Commercial, Residential, Infrastructure, Military & Defense, Public Facility, Industrial
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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